ARK Invest purchased $15.6 million worth of BitMine Immersion Technoligies shares as its stock plunged nearly 8%, signaling confidence in its Ethereum treasury strategy.
Key Takeaways:
- ARK Invest bought ~339,113 BMNR shares worth ~$15.6M, split across ARKK, ARKW, and ARKF ETFs.
- BitMine stock closed down 7.85% at $46.03, slipping to $45.01 after-hours, before rebounding +2.5% pre-market.
- BitMine holds 1.71M ETH + $562M cash (~$8.82B), making it the largest Ethereum treasury firm.
Cathie Wood’s ARK Invest disclosed the purchase of 339,113 shares of BitMine (BMNR), valued ~$15.6M, across ARKK, ARKW, and ARKF ETFs.
BitMine stock saw a decline of 7.85%, closing the session at $46.03 and slipped over in just after a few hours, down 2.22% to $45.01. Pre-market trading the following day recorded a modest rebound of +2.5%
BitMine Strengthens Ethereum Treasury Leadership
BitMine, chaired by Fundstrat’s Tom Lee, continues to accumulate Ethereum holdings, with current total of 1.71 million ETH alongside $562 million in unencumbered cash, bringing total crypto + cash holdings to roughly $8.82 billion as of August 24.
In an interview, Tom Lee emphasized their aggressive push to acquire 5% of Ethereum’s total supply as a strategic goal. He also highlighted that BitMine’s ratio of assets to NAV reflects its appeal as a crypto treasury play.
This is the second week that BitMine has been able to raise capital from institutional investors at this pace, as we pursue the 'alchemy of 5%' of ETH,” Lee noted. "At BitMine, we are leading our crypto treasury peers by both the velocity of raising crypto NAV per share and by the high trading liquidity of our stock.
Institutional Confidence Backs Strategy
Backed by ARK, Pantera, Kraken, Galaxy and others, BitMine’s ETH-heavy balance sheet continues to attract institutional confidence, even with volatile stock moves. Analysts view ARK’s buy as opportunistic accumulation.
Ethereum Price Holds Steady Amid Stock Volatility
As of (12:30 AM UTC), ETH trades ~$4,585.90 (−0.4% 24h, high $4,657.28, low $4,473.00), per TradingView/CoinGecko.
ETH traded sideways while BitMine stock dropped sharply, showing decoupling between ETH price and BitMine equity volatility.
What Comes Next for BitMine and ARK
ARK Invest’s move reinforces its conviction in BitMine’s Ethereum-focused strategy, suggesting that institutional investors are comfortable absorbing volatility in pursuit of long-term upside. With BitMine continuing to grow its ETH treasury and expand its financial footprint, its next earnings report and treasury updates will likely be key indicators of investor sentiment in the months ahead.
Summary
ARK Invest purchased ~$15.6M of BitMine stock (~339K shares) after an 8% slide, backing BitMine’s Ethereum treasury strategy. BitMine holds 1.71M ETH + $562M cash (~$8.82B) and aims for 5% ETH supply ownership.
ETH traded ~$4,586, steady despite BitMine equity volatility. ARK’s move shows institutional confidence in ETH-treasury equities; BitMine’s future hinges on treasury growth pace and earnings updates.
